Facebook Libra, Other Cryptos Must Comply With US Rules: Treasury Official

Facebook’s Libra must achieve the highest standards of U.S. regulatory compliance prior to any launch, a U.S. Treasury official has said. Speaking to reporters in Geneva, Switzerland, Sigal Mandelker, under secretary of the Treasury for terrorism and financial intelligence, said not only Libra, but other cryptocurrencies operating in all or part of the U.S. will need […]

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How Celsius Turned Its Crypto ICO Into a Billion-Dollar Lending Business

The Takeaway: Crypto lending startup Celsius raised $50 million in a token sale in 2018. Lending volume has surged since then, with 10,415 Celsius users taking out fiat loans after locking in crypto collateral. BitGo confirmed to CoinDesk that it held $1 billion worth of crypto deposits from Celsius over the past year. CEL tokens […]

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25-Year-Old to Plead Guilty to Running Unlicensed Crypto Exchange

A 25-year-old man from Westwood, Los Angeles, is said to plead guilty to federal charges for having exchanged up to $25 million in cash and crypto without a license and anti-money laundering program. Kunal Kalra, also known as “Kumar,” “shecklemayne” and “coinman,” was indicted on Friday for allegedly trading cash and crypto for individuals including drug […]

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A Big Four Audit Firm Lost $1 Million In Bitcoin. Victims Are Losing Patience

The Takeaway: QuadrigaCX’s former users are running out of patience with Miller Thomson and EY, the court-appointed companies tasked with recovering their missing funds. The users want more transparency into EY’s investigation of Quadriga’s missing funds, as well as a better understanding of how the audit firm accidentally lost 103 bitcoin earlier this year. Some […]

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Howey Schmowey – The Real Answer is to Update Securities Regulations

David Weisberger is co-founder and CEO of CoinRoutes and a veteran of building trading desks and financial technology businesses. The opinions expressed in this article are his own, and do not reflect CoinDesk’s position. The following article originally appeared in Institutional Crypto by CoinDesk, a free newsletter for the institutional market, with news and views on crypto […]

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Coinbase’s Political Action Committee Shuts Down Without Ever Raising a Cent

Coinbase is moving to shut down its political action committee (PAC) without ever raising a cent. The San Francisco-based crypto exchange filed a Termination Report for its PAC on April 3, 2019, according to publicly available documents on the Federal Election Commission’s website (FEC). The move means that the exchange wants to shut down its PAC, […]

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QuadrigaCX Crypto Exchange Could Soon Be Placed in Bankruptcy

Ernst and Young (EY), the court-appointed monitor for collapsed Canadian crypto exchange QuadrigaCX, has proposed transitioning the company from a restructuring process to bankruptcy proceedings. In a new report posted Tuesday, EY said that the exchange’s creditors “will benefit” from converting its current restructuring process under the Companies’ Creditors Arrangement Act (CCAA) to a new […]

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Riot Blockchain to Launch Regulated Crypto Exchange in the US

Riot Blockchain is planning to launch a regulated crypto exchange in the U.S. The publicly traded U.S. company that has faced regulatory issues for a sudden pivot to blockchain, revealed in a filing with the U.S. Securities and Exchange Commission (SEC) Friday that the new entity will be called called RiotX and will develop three main […]

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Connecticut Lawmakers Seek to Legalize Blockchain Smart Contracts

The U.S. state of Connecticut could soon legalize the use of blockchain smart contracts in business. The Commerce Committee of the Connecticut General Assembly filed house bill 7310 on Friday, proposing that blockchain smart contracts should be authorized for commerce in the state. According to the bill: “No contract relating to a transaction shall be […]

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Judge Appoints Law Firms to Represent QuadrigaCX Customers

Canadian law firms Miller Thomson and Cox & Palmer will represent as many as 115,000 customers of Canadian crypto exchange QuadrigaCX in the coming weeks. Nova Scotia Supreme Court Judge Michael Wood ruled Tuesday that the firms would get the nod after nearly a week’s worth of deliberations. The firms vied for the position against fellow Canadian […]

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